Links in “Lending”
- Happy New Year: Wells Fargo Settlement Brings Fannie’s Total Haul to $14 Billion
Wells Fargo pays $591 million to resolve repurchase demands on loans sold to the government-backed firm before Jan. 1, 2009. [12/31]
- Loans Under $25K Exempted from Appraisal Rule
Final rule issued for appraisal requirements for higher-priced loans; loans of less than $25,000, along with certain kinds of refinance loans, are exempted. [12/13]
- 20th Anniverary of FDIC Consumer News Released
The newsletter marks its 20th year anniversary and includes topics of avoiding risky loans, tips when shopping for a loan, handling adverse action when being denied a checking or savings account and the very popular role of social media and the consumer. [12/13]
- FHA Issues Guidelines for Qualifying Higher-Risk Borrowers
New Federal Housing Administration guidelines address "compensating factors" to help lenders be consistent when underwriting loans to borrowers with lower credit score, but verified cash reserves or other compensating factors. [12/12]
- Student Loan Examination Procedures Overhauled
CFPB revises education loan exam procedures to provide more guidance for examiners to follow. Coverage expands. [12/10]
- Consumer Overdrafts Up in Q3
Report finds lenders took in an annualized overdraft income of $31.8 billion in Q3, up 1.6% from previous quarter; average overdraft fees held steady, but the average number of times the customer overdrew account grew to 7.1 times annually. [12/9]
- NCUA Reports Positive Trends for Nationâs Credit Unions
NCUAâs third quarter report shows increases in loans, membership and net worth for the nationâs 6,620 federally-insured credit unions. In particular, total loans grew by 2.9% causing NCUA Chair Debbie Matz to again caution credit unions to plan appropriately for interest rate risk. [12/3]
- Eminent Domain Efforts Resulting in Market Blowback
The efforts of certain municipalities to use eminent domain to seize underwater mortgage loans from investors is resulting in market reluctance to fund loans or buy bonds in those areas. [11/12]
- Dear Payday Lenders: Watch Out!
CFPB's powerful complaint receiving and tracking system is now active for borrowers encountering problems with their payday loans and payday lenders. The impact could be most challenging given the nature of product. [11/7]
- HUD Hits Deutsche Bank Hard for Fair Housing Violations
HUD and Deutsche Bank agree upon $12.1 million settlement for 2007-2008 actions of an indirect subsidiary of the Bank (MortgageIT, Inc.). Allegations focused on the residential lender discriminating practices against African American and Hispanic borrowers seeking mortgage loans including charging higher APRs and fees than similarly-situated white borrowers and denying minority applicants loans more often than similarly-situated white applicants. Findings present key comparative statistical analysis that should be analyzed by every FI to ensure practices are not occurring. [11/6]
